stevehopwoodforex.com • 10.4 A Complete System

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pips400 [ Fri Mar 01, 2013 11:15 am ]

Post subject:

Re: 10.4 A Complete System

Mixed bag for me this week. I love the theory in the 10.4 system, I fit into the category of those who are struggling to get consistent results. The 10.4 system follows sound Forex principles, and is basically trading with the trend and entry after a pullback/rally. Combined with excellent money management, multiplying entries (using weekly pivots), whilst minimizing losses means I can't think of any reason why this won't work over the long term. The challenge is trading live and making it work in the real world. I've got both Demo and live accounts, and one of the greatest challenges I find is the emotional/psychological barriers in trading live - my conclusion this week is that the weak link in the chain is me

Thanks to Bob and other experienced traders on this thread, I've learnt so much, and had my own conclusions either confirmed or challenged. After six months, I understand why over 95% of people don't succeed in Forex. I'm still thumbs up for 10.4

but next week, I'll be diversifying slightly and I'll let you know how I get on.

To all those struggling - don't give up

Take a step back if you need to, give yourself a day off, clear your head, and think about what you may be doing wrong. Re-read Bob's manual and posts on this thread. If you're serious about Forex, then you are in this for the long term, so turn every negative into a positive. Be realistic about your goals, and set achievable targets.

Have a great weekend

Mike

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Author:	Wiggy1965 [ Fri Mar 01, 2013 10:08 am ]
Post subject:	Re: 10.4 A Complete System
lhDT wrote:NB 10.4 Still rocking. We should rename that method to "MMM" (money making machine) or "Cash-O-Tron" Most of those trades has been triggered yesterday. All based on 240, RSI2 and a manual trendline (I skip trades where I can't draw a clear & precise trendline) Happy ! I hear ya brother, all i have to say is, OMG...

Author:	spotdespot [ Fri Mar 01, 2013 10:22 am ]
Post subject:	Re: 10.4 A Complete System
Did I mention metals at all? Just closed my Gold trades. Maybe early - but was getting a greedy feeling. Silver still chugging. Have a good w/e all.

Author:	gms [ Fri Mar 01, 2013 10:52 am ]
Post subject:	Re: 10.4 A Complete System
sponn wrote:One quick question. According to 10.4 manual we should move SL to BE right after second (and every next one) trade opened. I have got some nice setups on last few days - with two orders opened and 90% of them (except one e/aud) were closed on BE... I know that this way system is very stable and has got very small amount of loses but in the other hand most ot these trades were go for their TP just after (or couple of bars after) my close at BE. Any thoughts about this ? Same here. I really liked the concept of moving both SLs to BE after entering the second trade. Unfortunately, practically it does not work. This week all my trades were stopped out at BE ... Next week I will give my trades more room. Gary

Author:	Gertje [ Fri Mar 01, 2013 10:56 am ]
Post subject:	Re: 10.4 A Complete System
gms wrote: sponn wrote:One quick question. According to 10.4 manual we should move SL to BE right after second (and every next one) trade opened. I have got some nice setups on last few days - with two orders opened and 90% of them (except one e/aud) were closed on BE... I know that this way system is very stable and has got very small amount of loses but in the other hand most ot these trades were go for their TP just after (or couple of bars after) my close at BE. Any thoughts about this ? Same here. I really liked the concept of moving both SLs to BE after entering the second trade. Unfortunately, practically it does not work. This week all my trades were stopped out at BE ... Gary That's allright, you only need 1 or 2 pairs à week to pul through to get 5-6% gain. Those BE trades prevent losing money. I plan to evaluate all last weeks trades this weekend, and see where I can improve. One thing I'll look for is taking profit for #1 trade at the 3th level and let the other 2 roll for eather BE or AO-colour change. At THE moment I have 11 pairs open with 7% floating profit and am waiting for ITM to close these.

Author:	Wiggy1965 [ Fri Mar 01, 2013 11:00 am ]
Post subject:	Re: 10.4 A Complete System
EJ, may go again short...

Author:	sponn [ Fri Mar 01, 2013 11:08 am ]
Post subject:	Re: 10.4 A Complete System
Lovely shorts on g/cad.. g/nzd and g/chf not bad too

Author:	spotdespot [ Fri Mar 01, 2013 11:17 am ]
Post subject:	Re: 10.4 A Complete System
Gertje wrote: gms wrote: sponn wrote:One quick question. According to 10.4 manual we should move SL to BE right after second (and every next one) trade opened. I have got some nice setups on last few days - with two orders opened and 90% of them (except one e/aud) were closed on BE... I know that this way system is very stable and has got very small amount of loses but in the other hand most ot these trades were go for their TP just after (or couple of bars after) my close at BE. Any thoughts about this ? Same here. I really liked the concept of moving both SLs to BE after entering the second trade. Unfortunately, practically it does not work. This week all my trades were stopped out at BE ... Gary That's allright, you only need 1 or 2 pairs à week to pul through to get 5-6% gain. Those BE trades prevent losing money. I plan to evaluate all last weeks trades this weekend, and see where I can improve. One thing I'll look for is taking profit for #1 trade at the 3th level and let the other 2 roll for eather BE or AO-colour change. At THE moment I have 11 pairs open with 7% floating profit and am waiting for ITM to close these. Also this week was a pretty rangey week imo - all moves (until today) were fairly small. Last week I had far less stopped out.

Author:	cjthomson [ Fri Mar 01, 2013 11:22 am ]
Post subject:	Re: 10.4 A Complete System
sponn wrote:Most of great looking trades turned around and hit BE for me... Its been the same for me for this week and last week so in all for the last 2 weeks I'm pretty much b/e. Its been frustrating because some positions have been in really good profit but they've turned against me and taken b/e stops for the 1st and 2nd positions. I've stuck with only the 2 positions up to now until i get a sense of confidence about what I'm doing. My trade management is letting me down since I have been doing it manually. I've been unable to run the ITM EA because i tend to hibernate my machine and pack it away when not at my desk rendering the EA useless (as far as I understand). Does anyone know of a way around this?

Author:	pips400 [ Fri Mar 01, 2013 11:28 am ]
Post subject:	Re: 10.4 A Complete System
cjthomson wrote: sponn wrote:Most of great looking trades turned around and hit BE for me... Its been the same for me for this week and last week so in all for the last 2 weeks I'm pretty much b/e. Its been frustrating because some positions have been in really good profit but they've turned against me and taken b/e stops for the 1st and 2nd positions. I've stuck with only the 2 positions up to now until i get a sense of confidence about what I'm doing. My trade management is letting me down since I have been doing it manually. I've been unable to run the ITM EA because i tend to hibernate my machine and pack it away when not at my desk rendering the EA useless (as far as I understand). Does anyone know of a way around this? Hi CJ, if your budget allows, having a VPS (virtual private server) is a great addition to your trading setup. It means your Empty4 platform is constantly on and frees up your own computer/laptop. Just a thought. Cheers

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